YEREVAN. - Inecobank already makes use of the involvement of the zero reservation funds provided by the Central Bank of Armenia (CBA). Inecobank’s CEO Taron Ganjalyan told the aforementioned to Armenian News – NEWS.am.
According to the CBA legal acts, the mandatory 20 percent reservation requirement of the amounts engaged shall be fully cancelled given that the means are involved from reliable international platforms. And the percentage shall be lowered to 5, in case they are allotted in Armenia’s Nasdaq OMX stock exchange.
“We have already involved and use the means [collected] from foreign organizations which conform to the standards of this decision. As to issuing securities, we have already carried out certain analysis, and must now assess the appropriateness of the issuance,” he said.
Responding to the question on whether the bank is going to securitize the mortgage assets when the relevant bill of CBA comes into force, Ganjalyan said that the mortgage is the primary market for the bank.
“At the same time, market should have competitive proposals, this requiring great efforts, considering the fact that deposit rate in Armenia is 16-17 percent, the mortgage rate being 11-12 percent,” he added.
In any case, the local Nasdaq OMX stock exchange is more preferable for the bank, since the rate is more attractive there than in foreign stock exchanges.